Nio brand delivered 15,493 cars in Nov, down 3% YoY. Onvo sold 5,082 EVs, up 18% MoM

Nio brand delivered 15,493 EVs in November, down 2.9% from 15,959 units last year and 7% down from October. Entry-level subbrand Onvo delivered 5,082 EVs, up 17.7% from 4,319 units in October. This is the second consecutive month of a sales decrease for the Nio brand.

Last week, Onvo president Alan Ai affirmed the delivery target for December to be over 10,000 units. To reach this target, Onvo would need to grow its sales by nearly 100% month-over-month.

Onvo’s only model is the L60 SUV, launched in September in China as a Tesla Model Y competitor. It starts at 206,900 yuan (28,580 USD) for a 60 kWh version equipped with a BYD blade battery, Nvidia Drive Orin chip, and 240 kW rear motor (322 hp). The dimensions are (L/W/H) 4828/1930/1616 mm, and the wheelbase is 2950 mm.

Onvo’s monthly production capacity will reach 10,000 units by December, 16,000 by January, and 20,000 by March 2025, Nio’s CEO William Li announced in September.

In total, Nio delivered 20,575 EVs in November, down 1.9% from 20,976 units in October and up 28.9% from 15,959 the previous year.

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In 2024 (January – November), Nio delivered 190,832 EVs, up 34.4% from the same period the previous year. Nio brand is responsible for most of the sales – 180,599 units, while Onvo’s cumulative deliveries since its September launch are 10,233.

Nio’s initial target for 2024 was 230,000 sold EVs. In its Q4 delivery guidance, Nio announced its target of 72,000 – 75,000 EVs. This means the company needs to deliver 30,449 vehicles in December to reach the lower end of the target.

Nio will launch its third brand, Firefly, on December 21 during Nio Day. It was initially supposed to launch in Europe first, as its first car will be a Europe-friendly electric hatchback to compete with Volkswagen ID.3, but Nio changed its plans amid low European sales and EU-imposed tariffs.

Competition situation

For comparison, Geely’s Zeekr delivered 27,011 EVs in November, reaching its new monthly record and up 106% YoY. Volkswagen-backed Xpeng broke the 30k threshold for the first time and delivered a record-breaking 30,895 EVs, up 54% from last year. Stellantis-backed Leapmotor delivered 40,169 vehicles in November, up 117% from last year.